A: The cover letter is a crucial part of the package — after all, it’s the first thing the Board will see. Your cover letter gives the Board an opportunity to learn more about you and why you’re purchasing a unit in their building. The ideal cover letter will add a more personal side to the transaction, so that you come to life as an individual and respectable person that the Board members can emotionally connect with. You’re more than a number on a piece of paper — show them how you’re someone they will want to include in their community and look forward to seeing in the building every day.
You should also regard the cover letter as a chance to pre-emptively address any negatives that might crop up in your application. Turn what might be seen as a negative into a positive. For example, if you recently changed jobs, or if your debt to income ratio is high, you might use the cover letter as an opportunity to tell the Board that you switched jobs recently but it was a promotion, and you have been in the same field for 10 years. Also, if your debt to income ratio is high (meaning that your real estate expenses are going to be higher than normal compared to your income), you might use the cover letter as an opportunity to mention to the Board that you might be willing to put a year of maintenance into an escrow account with the building so they won’t have to worry about you having the money to pay. Your Meier Real Estate agent and team will provide you with feedback and advice on strategizing the content of your Board Package cover letter. Our collaborative approach ensures that your cover letter will accomplish what it needs too, and present you in the best possible light.